Investor Ackman Suggests Cutting His Payout in Bid to Entice Other Shareholders

Valeant Pharmaceuticals International Inc. on Friday boosted its takeover bid for Botox maker Allergan Inc. for the second time in a week, offering about $52.7 billion in cash and stock, partly thanks to its partner in the bid, William Ackman, who agreed to take less for his own Allergan shares.

The Canadian pharmaceutical conglomerate has so far been rebuffed by Allergan since it made its first public offer last month. A sweetened...